Special FD Scheme: This government bank is offering the highest interest on 444 days FD scheme.

 

Bank FD of 444 Days: Many government banks like State Bank of India (SBI), Bank of Baroda (BoB), Punjab and Sind Bank, Indian Overseas Bank (IOB), Canara Bank are offering special FD scheme for 444 days.

Bank FD of 444 Days: Many major public sector banks in the country are offering good interest rates on 444-day fixed deposit (FD) schemes. This can be a good investment option for those seeking safe and fixed returns. Under this special scheme, banks are offering good interest rates across different categories, including general, senior, and super senior citizens.

However, the recent rise of equity, mutual funds, and other market-based investment options has eroded their popularity. To encourage more deposits, banks are introducing special FD schemes for a limited period, offering higher interest rates.

Which one can offer greater returns?

Several public sector banks, such as State Bank of India (SBI), Bank of Baroda (BoB), Punjab & Sind Bank, Indian Overseas Bank (IOB), and Canara Bank, are offering special FD schemes for 444 days. In this article, we’re going to tell you which public sector bank offers the highest returns on this scheme, so you can determine which one might be a profitable investment. To do this, we’ve calculated the maturity amount for an investment of ₹666,666 in each scheme.

Check the list

• State Bank of India (SBI) has named the scheme ‘Amrit Varsha FD’. Under this 443-day FD scheme, general investors are offered 6.60 percent interest on deposits and senior citizens 7.10 percent.
• Punjab & Sind Bank is offering 6.7 percent interest to its general customers on its 444-day FD scheme.
• Indian Bank and Indian Overseas Bank are both offering 6.7 percent interest on deposits to general citizens on their special 444-day FD schemes.
• Canara Bank is offering 6.5 percent interest to general citizens on its 444-day FD scheme.
• Like SBI, Bank of Baroda is also offering 6.6 percent interest on its special 444-day FD for general customers. This means that for an investment of ₹666,666 in these schemes, the maturity amount for ordinary citizens would be ₹721,923.33, which means an interest of ₹55,257.33 would be earned on the deposit.
• Similarly, Punjab & Sind Bank, Indian Bank, and Indian Overseas Bank are all offering interest at 6.7% for ordinary citizens on a 444-day FD scheme. Therefore, the maturity amount for a deposit of ₹666,666 would be approximately ₹722,787.67, which means an interest income of ₹56,121.67.
• For an investment of ₹666,666 in a 444-day FD scheme with Canara Bank, the maturity amount would be approximately ₹721,059.82, of which ₹54,393.82 would be earned as interest.